Spruce Biosciences (SPRB) sees AWM Investment disclose 5.1% equity stake

Rhea-AI Filing Summary

Spruce Biosciences, Inc. reports that AWM Investment Company, Inc., a Delaware corporation acting as investment adviser to three Special Situations funds, has filed as a beneficial owner of its common stock. AWM reports beneficial ownership of 146,988 shares of common stock, representing 5.1% of the class as of June 30, 2026.

AWM has sole voting and dispositive power over all 146,988 shares, held across Special Situations Cayman Fund, L.P. (29,033 shares), Special Situations Fund III QP, L.P. (99,618 shares) and Special Situations Life Sciences Fund, L.P. (18,337 shares). The filing identifies David M. Greenhouse and Adam C. Stettner as controlling principals of AWM and as members of the entities serving as general partners of the funds.

Key Figures

Beneficially owned shares: 146,988 shares Percent of class: 5.1 % Shares held by CAYMAN: 29,033 shares +4 more

7 metrics

Beneficially owned shares 146,988 shares Common stock beneficially owned by AWM Investment Company, Inc.

Percent of class 5.1 % Portion of Spruce Biosciences common stock class held by AWM

Shares held by CAYMAN 29,033 shares Common shares held by Special Situations Cayman Fund, L.P.

Shares held by SSFQP 99,618 shares Common shares held by Special Situations Fund III QP, L.P.

Shares held by SSLS 18,337 shares Common shares held by Special Situations Life Sciences Fund, L.P.

Sole voting power 146,988.00 shares Shares over which AWM has sole power to vote or direct the vote

Sole dispositive power 146,988.00 shares Shares over which AWM has sole power to dispose or direct disposition

Key Terms

beneficially owned, sole voting power, sole dispositive power, investment adviser, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 146,988"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"5 | Sole Voting Power 146,988.00 6 | Shared Voting Power 0.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"7 | Sole Dispositive Power 146,988.00 8 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

investment adviser financial

"AWM Investment Company, Inc., a Delaware Corporation (AWM), is the investment adviser"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

percent of class financial

"Item 4. | Ownership (b) | Percent of class: 5.1 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

What percentage of Spruce Biosciences (SPRB) shares does AWM Investment Company report owning?

AWM Investment Company reports beneficial ownership of 5.1% of Spruce Biosciences’ common stock. This corresponds to 146,988 shares held through three Special Situations funds advised by AWM, with sole voting and investment power over those shares.

How many Spruce Biosciences (SPRB) shares does AWM Investment Company beneficially own?

AWM Investment Company beneficially owns 146,988 shares of Spruce Biosciences common stock. These are held via Special Situations Cayman Fund (29,033), Special Situations Fund III QP (99,618) and Special Situations Life Sciences Fund (18,337).

Does AWM Investment Company have sole or shared voting power over its SPRB holdings?

AWM Investment Company reports sole voting power over 146,988 shares of Spruce Biosciences and no shared voting power. It also reports sole dispositive power over the same number of shares, with no shared dispositive power.

Which funds advised by AWM hold Spruce Biosciences (SPRB) shares and in what amounts?

Spruce Biosciences shares are held by three AWM-advised funds: Special Situations Cayman Fund with 29,033 shares, Special Situations Fund III QP with 99,618 shares, and Special Situations Life Sciences Fund with 18,337 shares.

Who are the key individuals associated with AWM’s Spruce Biosciences (SPRB) holdings?

The filing identifies David M. Greenhouse and Adam C. Stettner as controlling principals of AWM. They are members of the general partners of the three Special Situations funds that hold Spruce Biosciences shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 02:05 PM Accepted by SEC EDGAR 08/14/2026 - 02:05 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SPRUCE BIOSCIENCES, INC.

(Name of Issuer)

Common Stock, $0.0001 Par Value

(Title of Class of Securities)

85209E208

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 85209E208

1

Names of Reporting Persons

AWM Investment Company, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 146,988.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 146,988.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

146,988.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: AWM Investment Company, Inc., a Delaware Corporation (AWM), is the investment adviser to Special Situations Cayman Fund, L.P. (CAYMAN), Special Situations Fund III QP, L.P. (SSFQP) and Special Situations Life Sciences Fund, L.P. (SSLS). As the investment adviser to the Funds, AWM holds sole voting and investment power over 29,033 Common Shares held by CAYMAN, 99,618 Common Shares held by SSFQP and 18,337 Shares held by SSLS.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SPRUCE BIOSCIENCES, INC.
(b)	Address of issuer's principal executive offices: 611 GATEWAY BOULEVARD, SUITE 740, SOUTH SAN FRANCISCO, CALIFORNIA, 94080
Item 2.
(a)	Name of person filing: The person filing this report is AWM Investment Company, Inc., a Delaware corporation (AWM), which is the investment adviser to Special Situations Cayman Fund, L.P., a Cayman Islands Limited Partnership (CAYMAN), Special Situations Fund III QP, L.P., a Delaware limited partnership (SSFQP) and Special Situations Life Sciences Fund, L.P., a Delaware limited partnership (SSLS). The principal business of each Fund is to invest in equity and equity-related securities and other securities of any kind or nature. David M. Greenhouse (Greenhouse) and Adam C. Stettner (Stettner) are members of: SSCayman, L.L.C., a Delaware limited liability company (SSCAY), the general partner of CAYMAN; MGP Advisers Limited Partnership, a Delaware limited partnership (MGP), the general partner of SSFQP; and LS Advisers, L.L.C., a New York limited liability company (LS). Greenhouse and Stettner are also controlling principals of AWM.
(b)	Address or principal business office or, if none, residence: The principal business address for AWM is c/o Special Situations Funds, 527 Madison Avenue, Suite 2600, New York, NY 10022.
(c)	Citizenship: AWM is a Delaware Corporation
(d)	Title of class of securities: Common Stock, $0.0001 Par Value
(e)	CUSIP Number(s): 85209E208
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 146,988
(b)	Percent of class: 5.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: AWM is the investment adviser to each of the Funds. As the investment adviser to the Funds, AWM holds sole voting power over 29,033 Common Shares held by CAYMAN, 99,618 Common Shares held by SSFQP and 18,337 Shares held by SSLS. Greenhouse and Stettner are members of: SSCAY, the general partner of CAYMAN; MGP, the general partner of SSFQP and LS, the general partner of SSLS. Greenhouse and Stettner are also controlling principals of AWM
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: AWM is the investment adviser to each of the Funds. As the investment adviser to the Funds, AWM holds sole investment power over 29,033 Common Shares held by CAYMAN, 99,618 Common Shares held by SSFQP and 18,337 Shares held by SSLS. Greenhouse and Stettner are members of: SSCAY, the general partner of CAYMAN; MGP, the general partner of SSFQP and LS, the general partner of SSLS. Greenhouse and Stettner are also controlling principals of AWM
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

AWM Investment Company, Inc.

Signature:	Adam Stettner
Name/Title:	Executive Vice President
Date:	08/14/2026